§ Mr. Churchill
asked the Secretary of State for Energy what is his estimate of the cost to the British taxpayer in taxation on loans raised overseas of financing the exploitation of Great Britain's oil and gas resources up to 1985 following his Commons statement of 11th July.
§ Mr. Strang,
pursuant to his reply [OFFICIAL REPORT, 16th July 1974], gave the following information:
The cost will depend on the outcome of negotiations for participation, and so I cannot give precise figures at this stage. However, the Government will have recouped its initial investment after a very short time and thereafter will be earning substantial net revenues.